Market Society Analysis

947 Words4 Pages

Throughout history, society has been governed by a variety of dominant aspects such as religion and philosophy; today; it is governed by the market. Polanyi refers to the emergence of market society as “the great transformation”. In the following essay, situations that characterize market society and make this transformation so great will be discussed. Furthermore, a few points about how market society differs from the structures of previous social organizations will be touched upon, and some changes that took place in the workplace will also be examined. Additionally, the worldview of people from market society according to Weber will be described in terms of the connection between the “Protestant work ethic” and the “spirit of capitalism”. Lastly, the importance of these ideological conditions for the emergence of market society will be explained. To conclude, the reason why the shift to market society is a fundamental transformation will be summarized.
It is important to understand the economic system of society before the shift to market society took over. Before the nineteenth century, profit made by exchanging commodities was not an important part to human economy; it was something that had to be done in order to maintain social ties. If an individual was not generous, they would end up getting cut off from society and turn into an outcast. Also, since all social obligations are reciprocal, it would be in their own interest to give and exchange with those in their community. However, order in production is still insured by reciprocity and redistribution. The principle of reciprocity helps to preserve and protect production and family sustenance, while the principle of redistribution is important mostly for those who are unde...
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... the owner of the factory can claim to own what is produced. Work became time oriented, and employer-employee relationships have adjusted accordingly. According to Rinehart, “The hired, pushed, evaluated, promoted, or demoted and dismissed workers as they saw fit” (pg 184). Mercantilism began to rise, and this was a problem for domestic producers because the price of land was increasing which led to an increase in wage labour. Gradually, it became difficult for individual producers to produce and this lead to increasing competition between producers. As the cycle continued, they were forced into working for others for wages.
In the factory, labour was de-skilled and divided up, and people were told to do specialized tasks. The goal was to be efficient in order for maximum production. Under this new system, knowledge was shifted to managers.
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